8月17日晚间，小商品城（600415）(600415.SH)披露2025年半年度报告。报告期内，公司实现营业收入 77.13亿元，同比增长13.99%；归属于上市公司股东的净利润16.91亿元，同比增长16.78%；扣非净利润 16.68亿元，同比增长17.57%；经营活动产生的现金流量净额13.83亿元，同比大幅增加1109.17%。在外 贸环境复杂与市场竞争加剧的背景下，公司通过市场化改革、数智化赋能及国际化拓展，展现出韧性与 增长潜力。 主业持续向好，新市场招商显现溢出效应 2025年上半年，小商品城的业绩延续稳健增长态势。分业务来看，公司贸易服务和商品销售双轮驱动， 分别增长43.16%和16.38%，成为营收提升的主要动力。市场经营板块保持较高景气度，义乌国际商贸 城日均开门率维持在97%以上，日均客流超23万人次，其中外商近3800人，显示外向型贸易活跃度持续 回升。 在盈利能力方面，公司归母净利润同比增长16.78%，高于收入增速，反映出市场经营、履约服务与费 用控制的协同作用。净利率水平的提升，也得益于市场化定价机制的逐步落地。2025年上半年，义乌全 球数贸中心的珠宝行业完成招商，商位中标 ...

Core Viewpoint - The company is actively exploring the potential of stablecoins and plans to leverage Hong Kong's financial ecosystem to enhance its cross-border financial services capabilities [1][5]. Group 1: Stablecoin and Financial Technology - The company operates the world's largest small commodity trading market and maintains trade relations with over 230 countries, with a significant portion of trade involving Belt and Road Initiative countries [2]. - The company is interested in applying for a stablecoin license in Hong Kong, contingent on regulatory clarity, to improve cross-border payment solutions for global customers, especially small and medium-sized enterprises [2][5]. Group 2: Market and Trade Growth - Yiwu, where the company is located, is recognized as the largest small commodity center globally, supporting over 210,000 small and medium-sized enterprises and attracting more than 20,000 foreign merchants [3]. - In 2024, Yiwu International Trade City is expected to see an average daily foot traffic of 224,300, a year-on-year increase of 12.15%, and a daily vehicle flow of 99,000, a year-on-year increase of 5.48% [3]. Group 3: Cross-Border Payment Developments - The company’s cross-border payment platform, Yiwu Pay, achieved over $4 billion in cross-border receipts in 2024, marking a year-on-year growth of 233% [4]. - The platform has established a global service network covering over 160 countries and has opened cross-border accounts for 23,000 foreign trade enterprises since its launch in 2023 [4]. Group 4: Investment in Hong Kong - The company plans to invest in Hong Kong to enhance its cross-border financial service capabilities and improve competitiveness in the industry [5][6]. - The investment includes establishing a wholly-owned offshore subsidiary in Hong Kong and applying for a Trust or Company Service Provider License [5].

Core Viewpoint - The company expresses its intention to apply for a stablecoin license in Hong Kong, highlighting the potential of innovative payment tools to provide efficient and low-cost cross-border payment solutions for global customers, especially small and medium-sized enterprises [1] Group 1: Company Operations - The company operates the world's largest small commodity trading market, which naturally possesses a vast and high-frequency cross-border trade settlement scenario [1] - The company's cross-border payment platform, "Yiwu Pay," will continue to monitor the regulatory progress related to stablecoins [1] Group 2: Regulatory Environment - The company welcomes and supports the positive developments in Hong Kong's stablecoin regulatory framework [1] - The company plans to actively evaluate and submit relevant applications once regulations are clarified and pathways are established [1]